(ii) Monitoring and Control

• Monitoring and evaluation and

• Risk management

Answers

Introduction

In any organization, there is the essence of running operations in the most effective manner in the bid to achieve the objectives of the business. In the department of marketing, it is ideal for the manager to embrace marketing in strategies that will necessitate a competitive edge for the company in regards to the other market players.  The SWOT analysis aims at ensuring that a company takes advantage of its opportunities and strengths while its weaknesses and threats need to be reviewed so as to ensure sustainability (Bull,J.W.,Jobstvogt,N.,Bonhke-Henrichs,A.,Masccarenhas,A.and Carter-silk, E. 2006, p. 102). The SWOT analysis paves the way for more informed decisions in the light of the objectives of the company.  Companies are now moving towards instigating total customer experience, so that customer values and expectations are catered for all the time. Marketing is emphasized in most of the circumstances because it is one of the apt strategies that lead to increased sales due to awareness.

1. Explain how special events are defined and classified

A special event is an important gathering that encompasses a social set up. Special events can also be defined as a social gathering that is attended by a multitude of people including artists to thrive through their career. It is, therefore, right to conclude that social event is an important social gathering that involves a unique mix of activities which aims at the satisfaction of the customers’ needs and preferences making a significant impact on the host.

Classification of special events

Special events can diversely be classified according to various variables which include;

According to characteristics and functions

Organizational special events are events organized by the organization aiming to achieve a specific objective. They aim at increasing sales and charity purposes.

Cultural events- are events constrained to a particular culture, for example, art and heritage.

Leisure events- are events organized for purposes of enjoyment and recreation, for example, sports and swimming competition.

Personal events- are ceremonies organized by individuals for example weddings, birthdays and anniversaries.

According to types

Profit oriented- are events held with the aim of making profits like those involving buying of tickets to guarantee entry like Pistol festival.

Non-profit events- are events meant for creating awareness about public concerns like wildlife conservation.

State events- are events of the state, for example, the public holidays. They are usually funded by the government.

According to the magnitude

Major events-instigates several participants, many days and have a significant impact on the public like traffic.

Minor events- take a single day and involve a small number of participants like the travel events.

2. SWOT analysis describing the scope and impact of marketing and events within an organization

The scope of marketing and events within an organization are the key areas of study that are relevant to marketing and events. SWOTs are the strengths, weaknesses, opportunities and threats (Hollensen 2015, p. 21).Strengths are the competitive advantage, unique and exciting experiences, opportunities encompass changes in consumer tastes and preferences and product development, weaknesses entail limited resources and inadequate infrastructure to channel goods to customers, and finally, the threats are the unfavorable amendments of the laws by the government.

Impacts of marketing and events within an organization

Positive impacts

Increased sales

Marketing of goods and services in Glastonbury festival creates awareness enabling the customers to know the unique features of the products just as the artists do to improve their careers. Consequently, this increases sales.

Economic growth

Sponsoring the mega events like Glastonbury festival which is attended by many people who in turn spend a lot of money in that event and its surrounding helps in improving the economic growth (McCombe, J. and Thirlwall, A.P., 2016, p. 7).

Negative impacts

Social costs

Events are usually attended by a large number of people which will automatically entail a lot of noise which affects the sick. It will also be crowded thus violence may erupt. Some may attend to steal from others. Also, a lot of property will be destroyed due to violence.

Economic costs

During such events and marketing activities, a lot of things may be interfered with. Some business activities may not run as usual as they are affected directly by the events that are taking place (Bianchi, C. and Mathews, S., 2016, p. 429).They will then fail to operate thereby reducing the profit margin of the business.

3. Marketing mix and its role in an event marketing strategy

The marketing mix entails tools that are designed to attain the marketing objectives of the company by providing quality products to customers at the right place, at the right time and the appropriate prices (Bakar 2014, p. 57). It comprises of everything that is within the capability of the company to influence demand. It is also known as the 4ps of marketing. The roles that the 4ps play in marketing therefore include;

Product

These are the goods and services that are produced in an organization. It encompasses both tangible goods and intangible services used to satisfy the consumers’ needs, wants and preferences. Competition being a major challenge in the market, the organization must ensure different strategies of selling its product so as to gain a competitive edge in the market (Khan 2014, p. 95). The uniqueness of the products may vary in quality, design, features, brand name and the packaging.

Price

Price is the amount that the products will be selling. The prices of goods and services directly affect their demand. Very high prices will scare away the customers, but on the same note, the organization must identify the goods and services that the customers treasure and raise their prices. Set low prices for products that they don’t value (Santos, N. and Laczniak, G., 2015, p. 18). Again, just as very high prices scare away the customers, very low prices also leads to reduced demand as the customers view that product as of low quality.

Place

These are basically the activities used by the organization to bring the products closer to the potential buyers. They include the channel of distribution, location, and means of transport and the area of coverage (Steenkamp 2017, p. 85). It also needs prior investigation and determination of the target market and understands their preferences and the most efficient place to meet them.

Promotion

These are the activities that an organization may incorporate to persuade the customers to buy. They include advertising, sales promotion, public relations and personal selling. They enable the customers to understand the features and privileges derived from the products. Continuous promotional activities play a significant role in the organization as it increases sales.

4. Application of basic events and marketing concepts

Monitoring and control

Risk management

An organization is usually faced with a lot of uncertainties, and the risk manager always adopts possible ways to reduce the probability of occurrence of such risks. Risks threaten the ability of the organization to break through the market, and so the manager must keep reviewing the strategies at each stage of marketing (Tadajewski, M. and Johnes, D.B., 2016, p. 522).The policies of reducing the risk should be flexible to changes in the previously adopted strategies may end up being replaced with others due to the dynamics of the market. Implementation of appropriate strategies to manage risks allows marketing breakthrough hence leading to a success of the business. The risk manager should, therefore, have competent skills and expertise so as to advise the organization on the possible strategies for mitigating the potential risk.

Monitoring and evaluation

In marketing and events, the management must focus on assessment and follow-up of the activities of the each marketing department. Ensure division of labor and bring all members together and redirect their efforts towards the achievement of the organizational objectives. Monitoring and evaluation thus help in the integration of customers' needs and preferences and blending them with the goals of the organization (Thalmann, J. and Brettel, M., 2017, p. 27).The manager should keep access and ensure the employees involved in the marketing of the products have competent skills and expertise. Employ the right people in the right places taking their qualifications into consideration. They should be well conversant with the objectives of the organization. Teamwork should also be encouraged to enhance more informed opinions. Furthermore, monitoring and evaluation of the resources are also imperative as it enables the management to plan properly and forecast the efficiency of the marketing strategies that are implemented within the organization.

Creating marketing strategy

Targeting and positioning

Targeting and positioning are key elements of marketing strategy. Targeting implicates identification and analysis of the potential buyers of the products, their location and the appropriate means of reaching them. Besides, the management has to understand the needs and preferences of the potential customers. The organization must also be customer-centric to understand the behavior and attitude of the potential customers hence be able to make products that suit them (Line, N.N.D., and Wang, Y., 2017, p. 131). Market positioning, on the other hand, is the domination of a given market as the one producing the best products as compared to the competitors. The management should, therefore, adopt the best strategies for marketing its products and gaining a competitive edge over its competitors hence emerging as the best in the market.

Segmentation

Market segmentation analysis instigates various factors such as the consumer’s behavior, demographic, psychographic and the geographical factors. The management must understand that the customer's behavior depends on their preferences and ability to buy which consequently depend on price variations (Gronroos 2016, p. 14). The demographic factors are those associated with that particular population including the class, age, income, and gender. The psychographic factors of depend on how the consumers perceive the products. Geographical factors are the locality of the customers which may be local, nationally or internationally. The management should thereby choose the most suitable segment for marketing its products based on the factors above.

Conclusion

Events play a major role in marketing of goods and services. There are different types of events. Mega events can also be used to ameliorate careers of artists as they perform in the events. Furthermore, there is marketing mix and the roles they play in marketing strategies also known as the 4ps of marketing which include; product, price, promotion, and place. The methods of creating marketing strategy are targeting, positioning and segmentation. Monitoring and evaluation also help as methods of control and assessment in an organization. Other methods include staffing, planning and coordinating. Marketing and events have both positive and negative impacts on the organization. The positive results are increased sales, increased profits and economic growth. Adverse effects, on the other hand, are social costs like violence, theft, noise and traffic and economic costs caused by the difficulty to get to the workplaces and interference with the day to day activities.

Bibliography

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Gronroos, C, 2016, 'Modern marketing-and.', Marketing in evolutioN:Essays in honour of Michael J. Baker, p. 14.

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McCombe,J. and Thirlwall,A.P., 2016, Economic growth and the balance of payment constraints, Springer.

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